Intech Investment Management LLC Makes New Investment in Upwork Inc. (NASDAQ:UPWK)

Intech Investment Management LLC acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 38,411 shares of the company's stock, valued at approximately $401,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in Upwork by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company's stock valued at $1,553,000 after purchasing an additional 5,050 shares during the last quarter. Boston Partners purchased a new stake in Upwork in the 1st quarter valued at $1,384,000. Harbor Capital Advisors Inc. lifted its stake in Upwork by 19.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 59,172 shares of the company's stock valued at $636,000 after acquiring an additional 9,787 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Upwork during the 2nd quarter worth $2,111,000. Finally, Bristlecone Advisors LLC grew its stake in shares of Upwork by 89.1% in the 2nd quarter. Bristlecone Advisors LLC now owns 23,231 shares of the company's stock worth $250,000 after acquiring an additional 10,945 shares in the last quarter. 77.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on UPWK. JMP Securities lifted their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Thursday, November 7th. BTIG Research increased their target price on shares of Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Piper Sandler reissued an "overweight" rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. Finally, UBS Group lowered their target price on Upwork from $12.00 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $17.73.

Insider Buying and Selling

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the company's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the transaction, the director now directly owns 48,915 shares in the company, valued at approximately $515,564.10. This represents a 60.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 15,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.00, for a total value of $255,000.00. Following the transaction, the chief executive officer now owns 1,181,221 shares in the company, valued at $20,080,757. This trade represents a 1.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 214,808 shares of company stock worth $2,756,163 over the last ninety days. 7.60% of the stock is owned by corporate insiders.

Upwork Price Performance

Shares of UPWK traded up $0.07 during midday trading on Tuesday, hitting $17.39. 1,988,346 shares of the company traded hands, compared to its average volume of 2,188,024. Upwork Inc. has a one year low of $8.43 and a one year high of $17.79. The firm has a market cap of $2.32 billion, a P/E ratio of 27.54 and a beta of 1.58. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The stock has a 50-day moving average of $13.07 and a 200-day moving average of $11.42.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. During the same quarter in the prior year, the firm posted $0.12 EPS. Upwork's revenue was up 10.3% on a year-over-year basis. As a group, sell-side analysts predict that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Upwork Company Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.